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Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $520,000.
The upward trend in home prices in BENDIGO, 3550 averaged 11.69% per annum over a 3-year period.
Average weekly rents on listings have reached the $360 mark, reflecting a 3.6% increase in returns based on the current median price in BENDIGO.
An average of 12.33 real estate transactions take place per month in BENDIGO which translates to 148 per annum.
148 properties were sold in BENDIGO in 2016, making it the 189th most active market in VIC based on total real estate transactions.
BENDIGO, 3550 places 420th in Australia based on median property value growth during the quarter.
Bendigo is a city in Victoria, Australia where the administrative seat of the City of Greater Bendigo is located. Situated 150 kilometres north-west of the Victorian capital of Melbourne, those who wish to visit Bendigo from Melbourne can reach the city by train. The train ride from Bendigo to Melbourne takes approximately two hours.
Things to see in Bendigo
Bendigo tourism has a lot to offer that can certainly pique the interest of both travellers and residents. Noted for its distinct Victorian architecture, many of the local landmarks evoke the style of the era, such as the Sacred Heart Cathedral, the Bendigo Art Gallery, and the Bendigo Post Office where the town’s Visitor Centre is headquartered.
Bendigo’s mining heritage is a huge part of its cultural identity. The suburb’s largest mines, the Central Deborah Gold Mine, is one of the most sought tourist attractions in Bendigo. Travellers can explore the mine’s tunnels, which is some 60 metres below the ground, learn about how mining was integral to the town’s economy and history, and try gold panning while at it. For natural wonders, tourists can opt for the Lake Weeroona, and the Bendigo Botanic Gardens.
Investing in Bendigo real estate
For a city with a bustling business environment and a population swelling by the thousands each year, it’s no surprise that Bendigo is on the radar of investors and developers. Property investments have climbed this year, and current market figures point to continued growth. However, Bendigo remains affordable than its other Victorian peers; the average house price in the city is $415,000, while units sell for $260,000.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||30%||N/A|
|Median 3 years||35.06%||58.93%|
|Median 5 years||38.67%||70.5%|
|10 years average annual||6.13%||5.97%|
|Weekly media advert. rent||$360||$320|
|Time on Market||59.0 days||45.0 days|
|Gross Rental Yield Percent||3.6%||3.74%|